Over 100 New Yorkers rallied at Comptroller Scott Stringer’s office, delivering a divestment valentine with thousands of petition signatures urging the City’s pension funds to divest coal, oil and gas holdings.
Mayor De Blasio expressed public support for a Seattle-like divestment of the City’s pension funds, cutting ties with the banks financing the Dakota Access Pipeline. The Seattle City Council voted unanimously to divest $3 billion from Wells Fargo, a major financier of the Dakota Access pipeline, as more than 40 #NoDAPL actions were held across the country.
The initial campaign for New York to cut ties with fossil fuels launched on the heels of Superstorm Sandy in 2012. In recent months, a the campaign to #DivestNY has ramped up with a broad spectrum of New York society joining the call. Major funds around the world, such as the Bank of England, have done thorough research around stranded assets and carbon risk to conclude that divestment is the way forward.
“Comptroller Stringer’s study needs to tell the City’s pension fund trustees and its taxpayers how the City will manage a fossil free portfolio. The study needs to show the public the options. It is then up to the elected leaders of the City to take steps to protect the public interest from the poor financial performance of fossil fuel companies and their collective mishandling of risks created by climate change,” said Tom Sanzillo, Director of Finance at the Institute for Energy Economics and Financial Analysis, and former Deputy Comptroller of New York State. “We look forward to meeting with the Comptroller and the consultants responsible for the report to discuss the future of the CIty’s pension funds”To date, more than 600 institutions across 76 countries representing over $5 trillion in assets have committed to some level of divestment, doubling in size in just one year. Notable motions in New York to cut ties with fossil fuels include Amalgamated Bank, Cooperstown, NY, the New School, and the American Museum of Natural History.
Full item: New Yorkers urge De Blasio & Stringer to #DeFundDAPL, divest from risky fossil fuels